Institute and Sponsor Funded Fringe Benefits Rates are calculated and used to charge benefiting activities for the cost of all employees’ fringe benefits. This procedure reduces the amount of accounting required to accurately distribute the fringe benefits expenses to benefiting activities and to accommodate the accounting features currently available in the Human Resources accounting system.
Institute and Sponsor Funded Fringe Benefits Rates are determined before the beginning of each fiscal year, and upon approval, are used to charge fringe benefits expenses to Institute funded and sponsor funded activities and worktags during the fiscal year. Following the end of the fiscal year, the actual fringe benefits rates will be determined. If Fringe Benefits Rates have been approved on a “Fixed with Carryforward Basis”, any amount of over or under recovery of expense will be incorporated into the next fringe benefits rate determination. This procedure provides for the collection or repayment of any over or under recovery of fringe benefit expenses.
The following benefits are included in the Institute and Sponsor Funded Fringe Benefits Rates for the academic units of the Georgia Tech (excluding GTRI):
- Social Security
- Life Insurance
- Health Insurance
- Retirement
- Non-Payroll Benefit Expenses (Worker’s Compensation, Unemployment Compensation, others)
- Termination Vacation Leave
- Grad Student Health Insurance